Digital bank Penta announced on Monday it secured €8 million through its latest investment round, which was led by HV Holtzbrinck Ventures. Founded in 2017, Penta describes itself as a digital platform for business banking that is aimed towards SMEs and startups. Its key mission is to disrupt business banking in Europe and Worldwide.
“Our vision is to build a platform of connected services around a bank account which would allow business owners to use one platform for all their financial needs. Penta is designed to let business owners save time and money on banking so that they can focus more on their core business.”
Penta further explained that it offers more features than traditional banks, which includes the ability to get multiple Mastercards per company, law foreign transfer rates, fast online support in English and German, and flexible pricing. Speaking about the investment round, Marko Wenthin, CEO of Penta, stated:
“A lot of companies have found Penta to be the right solution for their expense management needs as well as their business banking and today we’ve reached another very important milestone: a 8 million Euro investment round, led by HV Holtzbrinck Ventures, one of the largest and most experienced independent European early stage venture funds that has invested in over 165 companies, including Zalando, HelloFresh, Flixbus, SumUp, Scalable Capital, and many others.”
Funds from the investment will be used to continue the growth and development of the Penta platform and services. The company added:
“We’ll use the investment to improve and expand the functionalities connected to our expense managementtools: we want to provide companies with a clear vision and a real-time control of their costs and expenses, even between different teams. In addition, we are working on new partnerships that will help SMEs to manage and grow their business. The investment will also be used to drive international expansion to new countries, starting soon with Italy and even more countries in the near future.”